Risk Snapshot: The Growing Risks of Non-Bank Financial Intermediaries

William (Bill) May is the Managing Director of Global Head of Certifications and Educational Programs at GARP, and is responsible for the FRM, SCR, and other risk-relevant educational programs. Prior to joining GARP, William had over 20 years of market experience including serving as a Senior Director in Fitch Ratings’ credit market research group and as a Senior Research Officer at UBS Wealth Management. He has worked for several buy-side and sell-side firms including Bank of America and Federated Investors as well as specialty firms like Andrew Kalotay Associates and Law and Economic Consulting Group. He began his career in the research function of the Federal Reserve Bank of New York and has worked on the Open Market Trading Desk and as a bank examiner. William holds a BS in applied mathematics and economics from Stony Brook University; an MBA, MA in economics, and Advanced Certificate in financial econometrics and data analysis from Fordham University; an MS in financial engineering from the NYU Tandon School of Engineering, an MS in applied statistics and an EdM in measurement and evaluation from Columbia University’s Teachers College where he is currently pursuing an MS in neuroscience and education.

Matteo Aquilina joined the BIS in late 2022. Prior to his current position he focused on non-bank financial intermediation (NBFI) at the Secretariat of the Financial Stability Board (FSB). Before joining the FSB, Matteo spent ten years at the U.K. Financial Conduct Authority (FCA) in several positions in the Chief Economist Department. While at the FCA, Matteo was also vice-chair of the IOSCO Committee on Emerging Risks. 

Matteo's research has been published in academic journals including the Quarterly Journal of Economics, the Journal of Financial Markets, and the Journal of International Development.

Gary Stern was President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis from March 1985 to September 2009. Stern serves on the board of directors of the Depository Trust and 

Clearing Corporation where he is Presiding Director and Chair of the Board Risk Committee. He is co-author of Too Big to Fail: The Hazards of Bank Bailouts published by the Brookings Institution (2004).

Stern holds an A.B. in economics from Washington University St. Louis and a Ph.D. in economics from Rice University Houston. He is the recipient of the 2009 Visionary Award from CEE the Distinguished 

Alumnus Award from Washington University's College of Liberal Arts in 2010 and the Laureates Award from Rice University in 2017.

Michael B. Imerman is a Professor of Teaching in Finance at the Paul Merage School of Business, UC Irvine, where he will shortly take on the additional role as Director of the Master of Finance program. Imerman’s areas of expertise include banking, risk management, credit risk models, financial regulation, financial data science, and FinTech. He is a well-recognized expert in FinTech innovation and is in the final stages of writing his book The Economics of FinTech. Imerman advises and consults for companies ranging from large financial institutions to startups. In 2022, he spent a sabbatical term as a Visiting Scholar in the FinTech group at the Federal Reserve Bank of San Francisco. He is also on the Editorial Advisory Board of the Journal of Financial Data Science.

Imerman previously taught at Claremont Graduate University, Lehigh University, and Rutgers Business School. He also completed an NSF-funded postdoctoral fellowship at Princeton University in the Operations Research and Financial Engineering department researching big data analytics and financial data science. Before his career in academia, Imerman worked as an analyst on Wall Street supporting high-grade corporate bond and credit derivatives traders. He received both his PhD in finance and economics and BS in finance from Rutgers University.